Big Data Market: Current Analysis and Forecast (2021-2027)

The Big Data Market is expected to grow at a CAGR of 12% during the forecast period. Big data is a major part of every organization to manage, process, and streamline large data sets in real-time as well as it improves the organization's decision-making capability. Rising investments and spending on various technological projects by the government and key players is acting as a growth catalyst to the industry. Furthermore, various factors such as plummeting technology costs and the development of open-source big data software frameworks, data connectivity through hybrid and multi-cloud environments, and incorporation of digital transformation in top-level strategies are expected to drive the adoption of big data solutions and services. With the emergence of big data technology, the need to process and analyze massive data economically and faster is a crucial thing for enterprises worldwide. Moreover, the demand for big data analytics is increasing among enterprises to process data cost-effectively and at a faster speed. Organizations in all industries are harnessing the power of big data by deploying big data solutions to efficiently manage and analyze big data for actionable insights.

Insights Presented in the Report:

"Amongst component, the solution segment is expected to witness the highest CAGR during the forecast period"

Based on component, the market is segmented into solutions and services. The solutions segment is expected to hold the largest big data market. The growth is attributed to the increasing demand for big data platforms such as Microsoft azure, Cloudera, tableau, and collibra in various industry verticals.

"Amongst deployment, the cloud segment is expected to witness the highest CAGR during the forecast period"

Based on deployment, the market is segmented into on-premises and cloud. The cloud segment is expected to hold the majority of the big data market during the forecast period. The cloud enables fast and secure networks. Also cloud networks save a lot of upfront installation costs, which later can be used in other operations. Moreover, the cloud deployment model scales a solution's capacity to handle enormous network application traffic. With the adoption of these solutions, small enterprises are able to collect and analyze data, thus improving customer services. Presently, the demand for cloud-based big data solutions is increasing over their on-premises counterparts, owing to the various advantages offered by the cloud deployment model.

"Amongst industry vertical, it and telecom segment is expected to witness the highest CAGR during the forecast period"

Based on industry vertical, the market is segmented into BFSI, Retail, IT and telecom, government, healthcare, utility, manufacturing, and others. BFSI segment is expected to hold the majority of the market. The rising demand for tracking the feedback on services in real-time is driving the adoption of big data in the BFSI industry. Increasing focus to improve customer lifecycle in the BFSI industry, growing demand for early fraud detection in the BFSI industry, and rising data volume generated by the capital market due to trading and transactions are resulting in high demand for big data analytics solutions.

"Asia Pacific to witness significant growth during the forecast period"

The Asia Pacific region is expected to grow significantly during the forecast period. The growing adoption of IoT devices and development of the insurance and banking industry and penetration of new technologies like connected devices are adding to the big data market growth in the region. China and India hold the majority of the big data market in the region. The growing prowess in science and technology and government policies are expected to drive the big data market. Asia pacific. The APAC region has a noteworthy potential for big data vendors due to the large population base and early stages of IT adoption by developing countries. Australia, China, India, Singapore, and South Korea are the key leading countries in healthcare big data analytics spending. The trend of mergers and partnerships in the Asia Pacific would spur the adoption of big data technology in the healthcare sector.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global big data market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.